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- The newly elected government in South Korea appears to be rolling up its sleeves for its Bitcoin promises. Officials are taking action.
- The Democratic Party of South Korea has confirmed plans to request an authoritative comment on Bitcoin spot ETFs from the Financial Services Commission in June.
- This move is part of the party’s efforts to fulfill its general election promises.
The newly elected South Korean government takes significant steps towards fulfilling its Bitcoin promises, planning to request an authoritative comment on Bitcoin spot ETFs from the Financial Services Commission in June.
South Korea’s Democratic Party’s Bitcoin Plans
The Democratic Party of South Korea has confirmed its plans to request an authoritative comment on Bitcoin spot ETFs from the Financial Services Commission in June. This move is part of the party’s efforts to fulfill its general election promises. An official from the Democratic Party’s policy committee revealed the plans during a phone call. The official stated, “After the 22nd National Assembly opens in June, we plan to request an authoritative comment on the Bitcoin spot ETF from financial authorities again.”
Previous Promises on Bitcoin Spot ETFs
The Democratic Party had previously announced that it would allow the issuance, listing, and trading of spot ETFs that use virtual assets like Bitcoin as underlying assets. This was a significant promise in the general elections. However, to date, local financial authorities in South Korea have not allowed the issuance and trading of Bitcoin spot ETFs. Considering that virtual assets are not included in the underlying assets of ETFs under the Capital Market Law, they published a comment stating that BTC spot ETFs are not financial investment products.
Potential Changes in the Future
However, the situation could change with the United States approving the launch of a Bitcoin spot ETF in January and the start of trading of Bitcoin and Ethereum spot ETFs in Hong Kong last month.
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Conclusion
The newly elected South Korean government is taking significant steps towards fulfilling its Bitcoin promises. With plans to request an authoritative comment on Bitcoin spot ETFs from the Financial Services Commission in June, the Democratic Party is showing its commitment to its general election promises. Despite the current restrictions on the issuance and trading of Bitcoin spot ETFs in South Korea, the recent developments in the United States and Hong Kong could potentially influence a change in the future.
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